succeeds in luring FDI projects
DA NANG — The Da Nang
People’s Committee Chairman Tran Van Minh last Friday granted license to the
Korea Investment and Development Co Ltd for constructing the US$30 million
twin-tower "True Friends Park".
The 40-storey towers,
encompassing an area of 120,000sq.m in Da Phuoc Quarter, Hai Chau District, will
have apartments, offices, and an entertainment area. The complex is expected to
open in 2010.
authorities had in November granted license to the US-based ITG Co Ltd to build
the $65 million Phong Phu textile unit in Hoa Khanh Industrial Zone.
These two projects have
helped to raise the total foreign direct investment (FDI) capital to the city to
$210 million in 2006 alone, with $208.5 million coming from newly-licensed
The city has already
signed conditional agreements for investments in some large projects, including
a $200 million complex by Vina Capital, a $60 million tourism and resort spa by
Indochina Land Holding, and a $300 million Da Phuoc golf and residential complex
Da Nang has 91 FDI
projects currently in effect, with a total registered capital of $762.3 million.
Around 40 per cent of the capital - $311 million - has been invested.
The city’s seven
industrial zones account for $400.5 million in foreign investments, with 50 FDI
According to statistics
provided by the city authorities, FDI enterprises in Da Nang were forecast to
earn a revenue of $175 million in 2006, an increase of 20.7 per cent compared to
last year, and $125 million from exports, up 30.6 per cent from 2005. — VNS